Netflix crossed 325 million global paid memberships during Q4 2025, which is later than we anticipated the streamer reaching this threshold. The company has not returned to a subscriber-first reporting structure, yet revealing its latest membership milestone does raise eyebrows about whether its acquisition of Warner Bros Discovery can be multilaterally approved by competition regulators. With around 130 million subscribers globally to the Max entertainment platform, a merger with Netflix would create a behemoth boasting around 460 million members worldwide. No single subscription service on the planet has ever reached half a billion paid subscribers. And because Netflix’s own research suggests that each account is shared by 2 to 3 people per household on average, the company brags that its…